Scribe Therapeutics Inc.’s Quiet Period Will End on September 2nd (NASDAQ:SCTX)

Scribe Therapeutics’ (NASDAQ:SCTX) quiet period will expire on Wednesday, September 2nd. Scribe Therapeutics had issued 8,580,000 shares in its IPO on July 24th. The total size of the offering was $128,700,000 based on an initial share price of $15.00. During the company’s quiet period, underwriters and any insiders that worked on the IPO are prevented from issuing any earnings forecasts or research reports for the company because of SEC regulations. Following the expiration of the company’s quiet period, the brokerages that served as underwriters will likely initiate research coverage on the company.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Leerink Partners initiated coverage on shares of Scribe Therapeutics in a research report on Tuesday, August 18th. They set an “outperform” rating and a $37.00 price target on the stock. Guggenheim began coverage on shares of Scribe Therapeutics in a research report on Tuesday, August 18th. They issued a “buy” rating and a $50.00 price objective for the company. Wells Fargo & Company initiated coverage on shares of Scribe Therapeutics in a research note on Tuesday, August 18th. They issued an “overweight” rating and a $60.00 price objective for the company. Finally, Wall Street Zen raised shares of Scribe Therapeutics to a “hold” rating in a research report on Saturday, August 1st. Three investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $49.00.

Scribe Therapeutics Trading Down 9.0%

SCTX stock opened at $28.84 on Friday. Scribe Therapeutics has a 1-year low of $17.31 and a 1-year high of $39.60.

Insiders Place Their Bets

In related news, CFO David Parrot purchased 2,666 shares of the business’s stock in a transaction that occurred on Thursday, July 23rd. The shares were bought at an average cost of $15.00 per share, with a total value of $39,990.00. Following the acquisition, the chief financial officer owned 1,333 shares of the company’s stock, valued at $19,995. This represents a -200.00% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Behzad Aghazadeh purchased 7,905 shares of Scribe Therapeutics stock in a transaction that occurred on Tuesday, July 28th. The shares were bought at an average price of $18.25 per share, with a total value of $144,266.25. Following the transaction, the director owned 3,088,888 shares of the company’s stock, valued at $56,372,206. This trade represents a 0.26% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders bought 3,727,237 shares of company stock valued at $56,291,746.

About Scribe Therapeutics

Scribe Therapeutics Inc is a clinical-stage biotechnology company engineering CRISPR-based technologies into purpose-built in vivo genetic medicines designed to become standard of care treatments for patients suffering from highly prevalent diseases, starting with cardiometabolic disease. Scribe Therapeutics Inc is based in ALAMEDA, Calif.